RATE Group | Ethereum Price Weekly Analysis: ETH/USD Recovery Remains Capped
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Ethereum Price Weekly Analysis: ETH/USD Recovery Remains Capped

12 Aug Ethereum Price Weekly Analysis: ETH/USD Recovery Remains Capped

Posted at 04:52h in Ethereum News by

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Key Highlights

  • ETH price declined heavily and it almost tested the $300 support area against the US Dollar.
  • There is a connecting bearish trend line formed with resistance at $330 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair has to move past $330 and $340 resistances to recover further in the near term.

Ethereum price tumbled and declined heavily versus the US Dollar and Bitcoin. ETH/USD remains in a bearish zone as long as it is below $400.

Ethereum Price Decline

This past week, there were heavy losses noted in ETH price once it broke the $400 level against the US Dollar. The ETH/USD pair declined sharply and broke many supports such as $380, $350 and $320. The price is now well below the $340 level and the 100 simple moving average (4-hours). On the upside, an initial resistance is around the $330 level and $335 zone.

Moreover, the 23.6% fib retracement level of the last drop from the $410 high to $304 low is also a crucial barrier. Above this, there is a connecting…

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